Publication Date: 2021/07/30
Abstract: The study examines reward system and employee performance in the oil and gas industry in Rivers State. The objectives include: to examine the influence of bonuses on employee productivity; to analyze the relationship between compensation and employee productivity; and to determine the influence of promotion on employee productivity in oil and gas industry in Rivers State. The questionnaire was adopted as the research instrument to elicit the needed data from 243 respondents. The descriptive statistics and Pearson’s correlation analysis were employed to carry out the data analysis. The results indicate that there is a significant relationship between bonuses and productivity, compensation and productivity, promotion and productivity in the oil and gas industry in Rivers State. Based on the findings, the study recommends that reward framework of oil and gas firms should be planned with the end goal that employees are qualified for some percentage of profit earned by the firm as a method for improving productivity amongst workers, improving dependability and guaranteeing worker devotedness to performing allotted task. As a method for guaranteeing cohesiveness among employees, hardworking employees that meet targets should be promoted promptly to increase employee productivity. Employees in oil and gas firms should not be paid fix pay rates as it could bring about a high pace of lateness and hesitance of worker within a group to put in more than average performance. It should be a basic salary plus additional bonuses and compensations. This would enhance innovativeness and the craving to acquire new knowledge among worker.
Keywords: Reward System, Employee Performance, Bonuses, Compensation, Promotion
DOI: No DOI Available
PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT21JUL145.pdf
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